Kogi: Bello presents 2020 Appropriation Bill of N176.123bn
Gov. Yahaya Bello of Kogi on Wednesday presented an Appropriation Bill of N176.123 billion to the state House of Assembly for approval.
Bello, represented by his deputy, Chief Edward Onoja said the budget was based on conservative projections.
The governor said the budget represented an increase of N17.951 billion or 10.19 per cent over the 2019 figure of N158.172billion.
He said that the budget was made up of N78.969billion recurrent expenditure representing 44.84 per cent and N97.153 billion capital expenditure representing 55 per cent.
He said that the budget had recurrent revenue of N92.932billion consisting of N21.032 billion Internally Generated Revenue (IGR) and N50.428billion Federation Account allocation.
The governor added that N17.5 billion was expected from Value Added Tax (VAT), N120 million from excess crude account and N100 million from exchange rate differential and N130.8 billion as refund from Federal Government.
The News Agency of Nigeria (NAN) reports that economic sector with N61.907 billion representing 35.1 per cent got the highest sectoral allocation, while administration got the second largest allocation with N57.234 billion representing 32.5 per cent.
Others were social sector with N49.3 billion, representing 28 per cent; law and justice with N7.6 billion representing 4.3 per cent.